企业环境信息披露会影响收益管理吗?女性董事会代表的调节作用

IF 3.8 Q2 BUSINESS EuroMed Journal of Business Pub Date : 2024-08-01 DOI:10.1108/emjb-10-2023-0275
Roua Ardhaoui, Anis Ben Amar, Ines Fakhfakh
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引用次数: 0

摘要

目的 本文旨在研究企业环境信息披露对收益管理的影响,并进一步研究这种关系是否会受到女性董事会的调节。由于其特殊的资本结构和监管要求,我们排除了金融公司(银行和保险公司)以及数据缺失的公司。采用可行广义最小二乘法(FGLS)回归方法估计计量经济学模型。为了进行稳健性分析,作者纳入了因变量的替代测量方法,并采用同步方程模型进行了内生性检验。研究结果将全权应计制作为收益管理的替代变量,结果表明企业环境信息披露对收益管理有负面影响。结果还表明,董事会中的女性能够有效地发挥其监督作用。事实上,研究结果表明,当公司董事会中有女性董事时,公司环境信息披露对收益管理的影响尤为明显。首先,样本量相对较小,这可能会限制我们研究结果的普遍性。其次,我们的收益管理指标基于应计项目的估算,可能无法完美反映所有的收益管理流。因此,为了减少这些估计值的潜在偏差,最好使用其他指标,如实际收益管理。对于监管机构来说,应该推广一些与企业环境信息披露和收益管理相关的标准。研究结果还建议全球政策制定者重视女性的作用,以提高企业在企业环境信息披露方面的参与度,从而使其会计实务更加透明,以确保其不从事不道德或欺诈行为。对于投资者来说,研究结果表明,董事会中女性董事的存在会减少收益管理。对于学术研究人员来说,探讨企业环境信息披露、董事会中的女性成员与收益管理之间的关系是很有意义的。 原创性/价值 本文通过研究欧洲背景下女性董事对企业环境信息披露与收益管理之间关系的调节作用,对现有文献进行了扩展。
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Does corporate environmental disclosure affect earnings management? The moderating effect of female board representation

Purpose

This paper aims to investigate the effect of corporate environmental disclosure on earnings management and to further examine whether this relationship is moderated by female board.

Design/methodology/approach

Our sample includes 264 European companies listed on the STOXX eUROPE 600 for the period 2010 to 2022. We excluded financial companies (banks and insurance companies) due to their specific capital structure and regulatory requirements, and companies with missing data. Feasible Generalized Least Square (FGLS) regression method is used to estimate the econometric models. For robustness analyses, the authors included the alternative measure of the dependent variable, and they applied the simultaneous equation model for the endogeneity test.

Findings

Using discretionary accruals as a proxy for earnings management, the results obtained indicated a negative effect of corporate environmental disclosure on earnings management. The results suggest also that women on boards are effective in their monitoring role. Indeed, findings show that the effect of corporate environmental disclosure on earnings management is particularly stronger with the presence of women directors on the companies’ boards.

Research limitations/implications

This study has two limitations. Firstly, the sample size is relatively small, which may limit the generalizability of our findings. Secondly, our earnings management indicator, based on estimates of accruals, may not perfectly reflect all streams of earnings management. Therefore, to reduce potential bias in these estimates, it would be useful to use other indicators, such as real earnings management.

Practical implications

The findings have several implications for regulatory, investors and academic researchers. For regulators, it is appropriate to promote several standards related to corporate environmental disclosure and earnings management. The results advise also the worldwide policy maker to give the importance of female roles to improve engagement firms in corporate environmental disclosure, so to be more transparent in their accounting practices to ensure that they are not engaging in unethical or fraudulent behavior. For investors, the results show that the existence of female directors on the board reduces earnings management. For academic researchers, it is interesting to explore the relationship between corporate environmental disclosure, women on the board, and earnings management.

Originality/value

This paper extends the existing literature by examining the moderating effect of women directors on the relationship between corporate environmental disclosure and earnings management in the European context.

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来源期刊
CiteScore
9.80
自引率
19.20%
发文量
61
期刊介绍: The EuroMed Journal of Business (EMJB) is the premier publication facilitating dialogue among researchers from Europe and the Mediterranean. It plays a vital role in generating and disseminating knowledge about various business environments and trends in this region. By offering an up-to-date overview of emerging business practices in specific countries, EMJB serves as a valuable resource for its readers. As the official journal of the EuroMed Academy of Business, EMJB is committed to reflecting the economic growth seen in the European-Mediterranean region. It aims to be a focused and targeted business journal, highlighting environmental opportunities, threats, and marketplace developments in the area. Through its efforts, EMJB promotes collaboration and open dialogue among diverse research cultures and practices. EMJB serves as a platform for debating and disseminating research findings, new research areas and techniques, conceptual developments, and practical applications across various business segments. It seeks to provide a forum for discussing new ideas in business, including theory, practice, and the issues that arise within the field.
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